What is the Enlightenment project and how did it impact upon Christian Essay

What is the Enlightenment project and how did it impact upon Christian Theology - Essay Example Creative and critical thinking is an essential tool in analysis of theology, since all its aspects are related to the basic human understanding the origin of all creation and nature given the universal belief of a superior being. It is in this perspective that the philosophy of the holy trinity resulted in a deep examination of the biblical information and the church in general. Two different factions of Christians have come up, one group believes in the trinity that has God the father, the Son and the Holy Spirit. This group is referred to as the Trinitarian group (Leupp 2008). The other group which believed that God is one distinct being has come to be referred to as the Non Trinitarian group. A heated debate has always ensued when the existence of the two groups is discussed or debated. The Trinitarian group can never visualize God as a single distinct person. Olson argues that a non-Trinitarian creator God would need a world as his counterpart because personhood is a mystery of r elationship.The statement further says that man is equal with God and his Godhead and with humankind in his manhood. The existence of the two groups is actually the origin of Christian theology. As Christians realized that different groups had different beliefs, the early scholars dug deeper into the Bible history and in particular the different propositions it had. This started out as reflections on the implications and what the Christianity faith means. This insight started out as early as in during the era that the New Testament was written. Different episodes that Jesus taught on the Christian living guided the early church on the way they could live their lives in a way that their faith and convictions supported. Similar any other area of study, Christian theology has evolved from early introduction to Christian theology over the years, patristic theology, medieval Christian theology, western theology and ultimately into the modern Christian theology. It is in the context of mo dern theology, that the enlightenment project first emerged. The enlightenment project has dominated philosophy in the recent three hundred years promising a conception of rationality independent of historical and social context and independent of any specific understanding of man’s nature or purpose (Costa 2005).The enlightenment indicated tremendous changes which were known as the Copernican Shifts. These changes signified complete shifts in how the Christians viewed the world. These changes brought sharp differences between various scholars and Christian theology experts. People abandoned their earlier ways in the wake of the new beliefs. An aspect of the Christian living that changed is the revolution in thinking. This revolution brought about some significant shifts: A shift in authority. Before the enlightenment, two traditional sources of authority existed; the classics and the bibl

Fire Fighters Campaign Plan Essay Example | Topics and Well Written Essays - 5500 words

Fire Fighters Campaign Plan - Essay Example Text messages will be sent to all Caymanians through their mobile providers, providing them with information and asking them to log on to the fire service website to get information including how they can join CIFSD.. Recommended Budget The budget recommended for the campaign is CI $100,000. A competition will also be initiated where individuals will answer questions by texting the answers to the number provided. Each text message will cost CI$2. Funds received from this venture will be used to finance the campaign. Prizes for the competition will be sought from various sponsors. Evaluation Plans Evaluations will be carried out as the campaign progresses to determine if any changes should be made to the campaign strategy. A final evaluation will be carried out at the end to determine whether the goals of the campaign were achieved. 1.0 Situation Analysis The Cayman Islands is a very small group of Islands consisting of 51,384 persons. Approximately 71% of the population lie in the 15 -64 years age group. Of this group, there are approximately 1,000 more females than the 17,600 males in this age group. The country has a 98% literacy rate and an unemployment rate of 4%. According to the Central Intelligence Agency (2011) the country has a standard of living which is equal to that of Switzerland – one of the countries with the highest standard of living in the world. The relative proportions of different ethnic groups are 40% mixed, 20% white, 20% black, and 20% expatriates of various ethnic groups. The Cayman fire service provides fire prevention and emergency services, domestic and aerodrome rescue and fire fighting services for the people of the... This essay examines Cayman Island Fire Services Department. The Cayman Islands is a very small group of Islands consisting of 51,384 persons. Approximately 71% of the population lie in the 15-64 years age group. Of this group, there are approximately 1,000 more females than the 17,600 males in this age group. The country has a 98% literacy rate and an unemployment rate of 4%. According to the Central Intelligence Agency (2011) the country has a standard of living which is equal to that of Switzerland – one of the countries with the highest standard of living in the world. The relative proportions of different ethnic groups are 40% mixed, 20% white, 20% black, and 20% expatriates of various ethnic groups. The Cayman fire service provides fire prevention and emergency services, domestic and aerodrome rescue and fire fighting services for the people of the Cayman Islands. Like all other departments it is faced with both a tight budget as well as the inability to attract employees because of the relatively low salaries that are currently being offered, the perceived difficulties of the job and the attributes required for the job. Despite those facts the government has allocated approximately CI$10.5mn towards its operations. There are currently six female officers working in the Cayman Islands – four in Grand Cayman and two in Cayman Brac. Currently the morale of the fire service staff is low because of the recent negative publicity in the news in relation to the harassment of female staff and the inability of the relevant authorities to deal with the situation.

Jeffersonian Republicans and Federalists

Jeffersonian Republicans and Federalists The Jeffersonian Republicans are often categorized as strict constructionists who were opposed to the broad constructionism of the Federalists, but to some extent this generalization of the Madison and Jefferson parties were inconsistent. In the form of the Louisiana Purchase, the Embargo Act, and the War of 1812, the Jeffersonian Republicans can be seen as broad constructionalists, the opposition of the war, in the form of a two-thirds majority to declare war, and Madisons vetoing of the Internal Improvement Bill can make the Federalists seem as if they were the strict constructionalists. Through an analysis of these topics, it is easy to see that both parties crossed their political lines to some degree throughout this time period. In the election of Thomas Jefferson, the world was about to experience a new era of national and political authority. The ideals of Thomas Jefferson were very different from the previous President; Jefferson sought a peaceful and constitutionally strict way of life for his political party. As Jefferson began his presidency he claimed that his election was a recovery of the original ideals of the American people. Jeffersons true ideology was one that believed in a small, weak central government, and that a small central government was the only way to flourish in these times. In truth, Jefferson had felt that the safety, and health of the nation, that he now ran, was somehow inversely related to the power the federal government had. In the letter to Gideon Granger, one of Jeffersons future cabinet members, he wrote on the note of the preservation of the constitution of America, and the ideals, and principles that created said constitution. Our country is too large to have all its affai rs directed by a single government. This was unquestionable proof that Jefferson felt that a smaller central government would be more beneficial in the eyes of the nations domestic policies and issues, as for the foreign policies, that stronger central power may have been a more proper means to follow. Thomas Jefferson was a man of a very unique sense of religion. Throughout his life as public figure, Jefferson would see that his lack of religious ground would prove to be a major threat to his party, for instance, his idea of a complete separation of church and state. The letter sent to Danbury Baptists, proves that Jefferson thought that the separation of church and state was something that Jefferson saw as a crucial point to help further the Nation. He made such statements as a wall of eternal separation which show that he felt that there was no reason for the Church to be intertwined with the government of the nation. Jefferson would also write a letter to Samuel Miller, a Presbyterian minister, that would further the religious grounds of Thomas Jefferson. He would say that he believes that there should be now binds between the United States constitution and the religious institutions, their doctrines, or exercises. A very important measure of Jeffersons true character comes from the Louisiana Purchase. While this is seen as one of, if not the most notable achievement of Jefferson, there are some missteps in logic. The idea that there should be no change in the Union was a moral supposedly followed by Jefferson. Jefferson would go on to say that this change should be proven true by a constitutional amendment, but since the process of amendment was slow, Jefferson basically said that there was no time for the ideas of strict constructionalism, the same ideals that his party and his ideals were based onà ¢Ã¢â€š ¬Ã‚ ¦ this showed the people of his party that there was some elasticity with this idea of strict constructionalism. All of the hype, all of the popularity that Jefferson had gained throughout his first term as president soon passed as he began his second term. Jeffersons second term was much less bountiful in the eyes of political and national advancement. One of the most disappointing ordeals originated from the Napoleonic wars, the naval blockades that were rampant in the Atlantic and Caribbean waters. These blockades would devastate the American trade companies and would pressure the US to take sides in a war that was not even ours. The response to this naval war was the blockade was the Embargo of 1807. This embargo did not do much for the colonies except virtually close down every American port to all foreign countries. To enforce this act, the use of the coercive powers that Jefferson opposed were needed, i.e., a strong central government which went against the principles of Jefferson. The political cartoon, made by Alexander Anderson in 1808 depicted a snapping turtle biting the nether regi ons of a man attempting to smuggle American goods to a British ship, with the word Ograbme written in an air bubble. (Ograbme was a political cartoonists way of saying Embargo.) The creator of this cartoon is none other than a Federalist portraying the views of the distaste towards the Embargo Act. The feeling that came from the violation of his own principles rang rampant and spread like wild fire throughout the country. The Federalists used this opportunity to mudsling the president and to proclaim this Embargo unconstitutional, and used it as a springboard to elect Madison as president. James Madison, the president who came after Jefferson, was seen as the only man that could carry out the ideals of the Federalists in this time period. The first thing that Madison took on as president was the repeal of the Embargo Act. The time that Madison was president, was one controlled by the continued tension between the USA and the French and British governments. The Embargo Act was soon changed to the Non-Intercourse Act, which was a way to limit the trade to the European powers, but America soon realized that it had no effect on either Great Britain or France, this act was soon repealed, and trade among the three began again. In Madisons effort to find a new path to peace with the European nation through commercial retaliation, it became increasingly more impossible to do so. With the new War Hawk elected into the seat of Congress, and the British arrogant assaults on American ships, Madison asked for a declaration of war in June 1812. Madison, who was a devoted republican, had a very tough time building and manning a formidable navy and army during this time of peace. Because of the Federalists up in New England, who had their trade basically destroyed, the United States was driven into war. This army was extremely weak and Madison needed a way to increase it. In Websters speech on a conscription bill to the House of Representatives, he said that the administration under Madison did not adhere to the ideals of strict constructionalism when they forced men to join the war for the Government. In 1814 both of the Americans and the British grew tired of war and signed the Treaty of Ghent, which ultimately brought peace and a new hope to the war stricken countries and insured independence among the Americans. The War of 1812 was one that produced economical and political effects. Since the threat of disunion coming to an end, westward expansion was on the way, which also brought a sense of new confidence to the nation as per security. Madison had felt that he had needed to respond to this new nationalism. The Federalist Party had seen their imminent demise because of the opposition of war that they had shown. Although the Jeffersonian Republicans saw this downfall as an advantage to win the seat again, there was an internal weakness among the republicans. In actions to stimulate the economy, Madison threw out some of his own Republican ideals about weak government in favor that he so strongly discouraged and opposed years ago. By 1815, Madison had developed a new wave of domestic programs to better the nation. One major recommendation was a charter for a National Bank, and a tariff to help protect small industries that were just beginning to prosper. In a speech to the House of Representa tives John Randolph implied that Madison had given up all of his republican ideals and motives to emulate a more federalist point of view. Madisons actions did not adhere to his original ideas of government. Madison would also recommend the federal support of roads and canal making. This funding of roads and canals went against what Madison would have agreed to in previous times. The last major act as president was the vetoing of the Internal Improvements Bill of 1817. In Madisons message to congress vetoing and Internal Improvements Bill, Madison said, The power to regulate commerce among several states cannot include a power to construct roads and canals Even though Madison set aside many of his political policies and republican ideals, he would still oppose internal improvements. Jefferson and Madison, although both were destined to follow and obey the ideals of the Jeffersonian Republicans, they were both compelled to act accordingly to the problems at hand, even if that meant compromising some of their own beliefs. In the years 1801 to 1807, Jefferson and his policies would emulate the true republican priorities, meaning that federal powers would be decreased. By 1807 Jefferson contradicted many of his prior beliefs about a small Central Government for the future of the nation. From 1808 to 1807 domestic, political, and nation threats were on the door steps of Madison, and although he seemed to veer away from his true, original ideology the he initially spoke of, he did it for the future of the nation. Both men shown here, exhibited a true conflict between their ideas and their practices of said ideas.

Use of Irony in Robert Frosts The Road Not Taken :: The Road Not Taken

Use of Irony in The Road Not Taken "The Road Not Taken," perhaps the most famous example of Frost’s own claims to conscious irony and "the best example in all of American poetry of a wolf in sheep's clothing." Thompson documents the ironic impulse that produced the poem as Frost's "gently teasing" response to his good friend, Edward Thomas, who would in their walks together take Frost down one path and then regret not having taken a better direction. According to Thompson, Frost assumes the mask of his friend, taking his voice and his posture, including the un-Frostian sounding line, "I shall be telling this with a sigh," to poke fun at Thomas's vacillations; Frost ever after, according to Thompson, tried to bring audiences to the ironic point, warning one group, "You have to be careful of that one; it's a tricky poem - very tricky" (Letters xiv-xv). Thompson's critical evaluation is simply that Frost had, in that particular poem, "carried himself and his ironies too subtly," so that the poem is, in effect, a f ailure (Letters xv). Yet is it simply that - a too exact parody of a mediocre poetic voice, which becomes among the sentimental masses, ironically, one of the most popularly beloved of Frost's "wise" poems? This is the easiest way to come to terms critically with the popularity of "The Road Not Taken" but it is not, perhaps, the only or best way: in this critical case, the road less traveled may indeed be more productive. For Frost by all accounts was genuinely fond of Thomas. He wrote his only elegy to Thomas and he gives him, in that poem, the highest praise of all from one who would, himself, hope to be a "good Greek": he elegizes Thomas as "First soldier, and then poet, and then both, / Who died a soldier-poet of your race." He recalls Thomas to Amy Lowell, saying "the closest I ever came in friendship to anyone in England or anywhere else in the world I think was with Edward Thomas" (Letters 220). Frost's protean ability to assume dramatic masks never elsewhere included such a friend as Thomas, whom he loved and admired, tellingly, more than "anyone in England or anywhere else in the world" (Letters 220). It might be argued that in becoming Thomas in "The Road Not Taken," Frost momentarily loses his defensive preoccupation with disguising lyric involvement to the extent that ironic weapons fail him. Use of Irony in Robert Frost's The Road Not Taken :: The Road Not Taken Use of Irony in The Road Not Taken "The Road Not Taken," perhaps the most famous example of Frost’s own claims to conscious irony and "the best example in all of American poetry of a wolf in sheep's clothing." Thompson documents the ironic impulse that produced the poem as Frost's "gently teasing" response to his good friend, Edward Thomas, who would in their walks together take Frost down one path and then regret not having taken a better direction. According to Thompson, Frost assumes the mask of his friend, taking his voice and his posture, including the un-Frostian sounding line, "I shall be telling this with a sigh," to poke fun at Thomas's vacillations; Frost ever after, according to Thompson, tried to bring audiences to the ironic point, warning one group, "You have to be careful of that one; it's a tricky poem - very tricky" (Letters xiv-xv). Thompson's critical evaluation is simply that Frost had, in that particular poem, "carried himself and his ironies too subtly," so that the poem is, in effect, a f ailure (Letters xv). Yet is it simply that - a too exact parody of a mediocre poetic voice, which becomes among the sentimental masses, ironically, one of the most popularly beloved of Frost's "wise" poems? This is the easiest way to come to terms critically with the popularity of "The Road Not Taken" but it is not, perhaps, the only or best way: in this critical case, the road less traveled may indeed be more productive. For Frost by all accounts was genuinely fond of Thomas. He wrote his only elegy to Thomas and he gives him, in that poem, the highest praise of all from one who would, himself, hope to be a "good Greek": he elegizes Thomas as "First soldier, and then poet, and then both, / Who died a soldier-poet of your race." He recalls Thomas to Amy Lowell, saying "the closest I ever came in friendship to anyone in England or anywhere else in the world I think was with Edward Thomas" (Letters 220). Frost's protean ability to assume dramatic masks never elsewhere included such a friend as Thomas, whom he loved and admired, tellingly, more than "anyone in England or anywhere else in the world" (Letters 220). It might be argued that in becoming Thomas in "The Road Not Taken," Frost momentarily loses his defensive preoccupation with disguising lyric involvement to the extent that ironic weapons fail him.

Succubus Heat CHAPTER 4

â€Å"Can I call you?† The Sorta-Seth-Lookalike lay naked in bed, still worn out even though he'd come hours ago. I stood near the door, fully dressed, slipping on my shoes. It turned out he was actually here on business from Seattle, and he'd been ecstatic to learn we lived in the same city. â€Å"Mmm.† I pursed my lips as though I were giving this a lot of thought. â€Å"I don't think that's such a good idea.† â€Å"Really?† His brief, happy look faded. He'd turned out to be as vulnerable and shy as I thought. I was only the second woman he'd ever slept with. â€Å"But I felt like†¦well, I felt like we really connected.† I fixed him with a cold look. That smothering rage from last night no longer consumed me, but I was still angry at the world and needed to lash out at anyone I could. â€Å"Our bodies connected. That's about it. The truth is, I already have a boyfriend.† His eyes widened. I realized then I should have mentioned having a boyfriend before we had sex. It would have doubled his guilt and given me a stronger fix. Still, the agony he now felt over sleeping with someone else's girlfriend was undoubtedly blackening his soul even as we spoke. â€Å"R-really?† â€Å"Yup. Sorry. This was just a way to pass the time. And honestly, baby? You want some feedback? You've still got a lot to learn. It really wasn't that great.† I left before I could see the full effect of my words. It would hurt, I had no doubt about that. Devastating him didn't really make me feel better, but it had frozen me up enough so that I didn't have to process any real emotions. I was numb, which was about the best I could hope for. Kristin was waiting for me at a coffee shop down the street so that she could drive me over to the cult leader's house. Her mousy brown hair was pulled up into a neat French twist, and her crisp suit reminded me of something Grace or Mei might wear, save that this was navy as opposed to their usual black or-on daring days-red. She drank what looked like a cappuccino and picked over the remains of a bagel, her eyes lost in thought as she no doubt pondered the coming day's wheeling and dealing. I bought a white chocolate mocha and slid into the chair opposite her. â€Å"Good morning,† I said. She looked me over, noting the glamour. â€Å"And a good night?† I shrugged. â€Å"Okay night.† â€Å"You ready to meet the Army of Darkness?† â€Å"Sure. I-wait. What did you say?† â€Å"The Army of Darkness. That's what the cult calls itself.† â€Å"They know that's a movie, right?† She shook her head. â€Å"Honestly, it's hard to say. They may have named themselves after the movie, for all I know.† â€Å"This is so absurd as to be unreal,† I told her. â€Å"It all sounds like a joke.† â€Å"If only,† she muttered. â€Å"Believe me, I'll be glad when you get rid of them. Aside from the fact that Cedric makes me talk to them, I have to file a ream of paperwork each time they do something stupid. It's really stressing him out. I keep trying to get him to do relaxation exercises, but he won't.† Her tone sounded genuinely concerned, almost as though she worked for Cedric out of true loyalty, rather than the forced servitude the rest of us bowed to. â€Å"Well, I'll see what I can do. Don't you guys have a succubus up here? Why isn't she working this group over?† â€Å"She's busy seducing the premier. Cedric didn't want her distracted.† â€Å"Whoa,† I said. It had been centuries since I'd had the initiative to go after a major politician. â€Å"I feel like a slacker.† Kristin cut me a look. â€Å"Mostly I hear that you're a troublemaker.† â€Å"I like to think I'm just misunderstood.† She snorted. â€Å"We're all misunderstood. You have no idea how many times people try to use that as a reason to break their contracts.† Between mourning Seth and being the target of Jerome's annoyance lately, I'd had little time to think about much else. Kristin's words suddenly triggered a memory, one I'd tried to keep buried for some time now. â€Å"How many times do people try to break their contracts over an error?† When Niphon had been here last winter, he'd gone to great pains to complicate my life and get me recalled to Hell. Since he'd been the one to trick me into selling my soul so long ago, I had plenty of reason to hate him. But why he'd hate me and want to ruin me? That had been-and still was-a mystery. Hugh had speculated that when an imp went to that much trouble to mess with their acquisition, there was usually a reason-specifically, a potential problem with the original contract. My casual air didn't fool Kristin. â€Å"You think there might be an error in yours?† I kept my nonchalance. â€Å"Hugh-my imp-thought there could be. But he wouldn't look it up.† His refusal to help me still stung. â€Å"He's smart. Looking into others' contracts can get us in big trouble. The vaults of Hell are not a place you want to get caught snooping around in. It would take a lot to get an imp to risk that.† I had no proof, but something told me that Kristin was older and higher-ranking than Hugh and that she might have more access than he did. I smiled sweetly. â€Å"What would it take for you to risk that?† â€Å"Nothing you can offer.† She flashed me a wry grin and slipped on sleek Oakley sunglasses. â€Å"Come on. Let's get this over with.† We ended up at a house out in suburban Vancouver. It was a lower middle-class area, not particularly polished but not the kind of place you had to worry about getting mugged either. Kristin parked on the street and led me up the house's driveway, her heels clicking on the concrete. Along the sides of the yard, someone had recently planted marigolds and geraniums. She rang the doorbell, and a moment later, a man in his mid-twenties answered the door. He had messy black hair, like maybe he'd just woken up, and possessed the friendly, low-key feel of someone who worked at Home Depot or Circuit City. â€Å"Hey, Kristin,† he said, voice cheerful and blas? ¦. â€Å"Come on in.† She stepped just inside the doorway, and I followed, offering the guy a friendly smile of my own. â€Å"I can't stay,† she told him crisply. â€Å"I'm just dropping her off. Evan, this is†¦Ã¢â‚¬  Kristin glanced at me, apparently waiting to see if I wanted to use my own name. I usually used different identities and shapes when seducing victims, but it didn't seem worth it for this. â€Å"Georgina,† I supplied. â€Å"Georgina,† said Kristin. â€Å"This is Evan.† He and I shook hands. â€Å"Georgina's one of the founders of a sister chapter in Seattle. She's here to see how things are done and possibly form some connections between the groups.† She tipped her head down, looking at him over the tops of her sunglasses. â€Å"I want you to show her every courtesy and involve her in your activities. It's very important.† He nodded, still looking mild and pleasant-but a little nervous at the strictness in her voice. â€Å"Absolutely.† Cedric had said Evan knew Kristin was a power player on Team Evil, and he clearly seemed to respect her. She supposedly didn't have the people skills to â€Å"deal with† this group, but from the way Evan regarded her, it didn't seem like it'd take much to get his attention. To me, Kristin said, â€Å"Call a cab when you're done. We'll expense it.† With that, she headed back out to her car, leaving me with the alleged general of the Army of Darkness. â€Å"You want anything to drink?† he asked, stifling a yawn. â€Å"I've got some RC in the fridge.† â€Å"No, thanks. I'm just anxious to learn how you do things up here.† He grinned. â€Å"Sure. I should probably show you the temple first.† I glanced around, taking in the flowered sofa and grandfather clock. â€Å"Temple?† â€Å"Yeah, it's in the basement. You sure you don't want something to drink?† There was nothing I wanted to drink that was under 80 proof, so I declined once again. He led me down some rickety steps, pulling a chain at the bottom that turned on a bare lightbulb. We stood in an unfinished basement with rough cement floors and brick walls. Fold-up chairs were arranged in a semicircle around a low bookcase about as high as my waist. On top of the case was a propped up painting with an angel's black silhouette set against a gray and purple nebula. It looked like it had come straight off a sci-fi novel's cover. Half-burned red and black candles were scattered around the painting, along with an inverted cross. Off to the side of the room, more candles sat on top of a washer and dryer. Evan walked over to a light switch and turned it on. White Christmas lights twinkled to life on the brick walls. â€Å"Wow,† I said. My astonishment was not faked. â€Å"We aren't finished setting up here,† he said modestly. â€Å"We have to change our location a lot to avoid discovery. You know how it is. So, there's still some stuff we need to unpack.† He pointed over to a cardboard box in the corner. I couldn't see all of its contents, but I did make out a black feather boa and a glow-in-the-dark plastic skull. On the side of the box, black marker succinctly declared: TEMPLE STUFF . I counted the chairs. Fifteen. â€Å"How many members do you have?† I asked. â€Å"About a dozen. A little less than that that are truly active.† He sat down in one of the chairs and gestured for me to do the same. â€Å"And how long have you been meeting?† â€Å"Oh, about a year now.† I smiled, turning on the charm in an effort to not sound like an investigative reporter. â€Å"I've heard about some of the things you've done. Pretty impressive. Like the Bibles and the, um, spray paint.† He beamed at the praise. â€Å"You heard about that? Cool. We do as the Angel of Darkness directs us.† â€Å"What other things have you been directed to do?† â€Å"Well, there was the one time this Methodist church was having an ice cream social. We broke in beforehand and left all their ice cream outside the freezer to melt.† â€Å"Uh-huh.† â€Å"Then, this other time, we went to the petting zoo and hung pentagram collars on all the goats. We also painted their horns red and black. Let me tell you, that wasn't easy. They don't like to stand still.† â€Å"Uh-huh.† â€Å"Oh, and then we made all the TVs show Rosemary's Baby .† â€Å"Uh-TVs?† â€Å"Yeah, I work at Circuit City, and we have these big walls of TVs, so I synced them all up. My boss never suspected who did it.† On and on the litany went. About ten minutes later, I interrupted, unable to listen to any more. â€Å"Look, Evan, this is really amazing stuff you've been doing. I mean, this is stuff my people in Seattle would never, ever dream of doing in a million years.† â€Å"Really?† he asked happily. â€Å"Really,† I said flatly. â€Å"But, although it makes a big statement, wouldn't it be more in line with the, uh, Angel's purposes to work on securing souls for him?† â€Å"Her,† corrected Evan. â€Å"Her. Right.† Lucifer, Satan, the Devil, whatever. There were lots of names for what humans regarded as the supreme entity of evil, and I'd heard tons over the years. Considering the popular idea of Lucifer being a fallen angel, this â€Å"Angel of Darkness† thing didn't surprise me, but the female part did. â€Å"Sorry,† I told him. â€Å"We know the Angel as male.† â€Å"It's okay,† he replied. â€Å"The Angel is all things to all people.† â€Å"Right. So, anyway, I mean, the ultimate goal is to convert as many people to her as possible, right? To lead them down the left-hand path. It doesn't seem like melting ice cream would do that-not that that isn't cool,† I added hastily. â€Å"I'm just wondering if you should be more focused on leading people into temptation instead.† Evan didn't seem bothered by my criticism in the least. â€Å"Maybe that's what your group is directed to do. But this is what ours is supposed to do. We all serve different purposes in the greater plan.† I was sure I had an idiotic look on my face, so I tried to shift back to the alluring, seductive mode that had landed me this job in the first place. Surely it couldn't be that difficult to sway him, particularly considering how fresh my succubus glamour was. Reaching out, I took his hand and delicately stroked it with my fingers. â€Å"You're doing amazing things,† I reiterated, moving closer. â€Å"Really amazing. But maybe it's time to move on to the next level, to truly bring darkness to the world.† His eyes studied my hand for a moment, then looked back up. His breath caught as the full effect of my glow enchanted him. He swallowed nervously. â€Å"Perhaps. But not now. This is our purpose for the time being.† â€Å"Only because you haven't tried something else. Maybe that's why I'm here, why the Angel sent me: to expand your influence.† I leaned my face close to his, lips only inches away from the side of his face. â€Å"I can teach you things. All sorts of things.† Zealous or no, I was definitely affecting him. He took another deep breath, trying to steady himself. â€Å"We're already doing what the Angel wants.† I ran my lips across his check, letting my tongue flick out. â€Å"Are you sure? Let me show you how we honor the Angel†¦Ã¢â‚¬  He shot up abruptly and put his back to me. After several deep breaths-honestly, he was in danger of hyperventilating-he turned around to look at me. Warring desires danced in his eyes. He still had that crazy yes-man zealot look, but he also looked like he was already envisioning me naked. It was intriguing that his devotion to a largely fictitious entity could stand up to my charms, but religious fanatics had a history of being tenacious. â€Å"You're very†¦sweet,† he said at last. â€Å"Very. But I can't-we can't. I mean, this is what we do. What the Army does. We can't change that, not without talking to the others.† Progress. I kept the smile turned on, wondering if I should keep pushing on him now or try to enthrall the whole group. I opted for the latter, largely because I could think of few things more unarousing than having sex on the black Ozzy Osbourne plush rug on the floor. Especially if Evan decided to turn on any black lights. â€Å"Of course,† I purred. â€Å"When can I meet them?† He raked a hand through his hair, still a little hot and bothered. â€Å"Well†¦you should come to our next meeting. It's Saturday at ten a.m. Over at the big Tim Hortons on Broadway.† â€Å"Okay, I'll be-† I blinked, my sultry fa;ade faltering. â€Å"Did you say Tim Hortons?† He recovered himself and returned to his upbeat nature. â€Å"Oh, yeah. You guys don't have them, do you? They're these donut shops and-â€Å" â€Å"No, I know what they are. I'm just surprised, that's all.† Aside from seeming like a mundane place for a Satanists' meeting, Canadians going to Tim Hortons was like the biggest stereotype ever. â€Å"Are you kidding? Their coffee's the best.† I left after that, my head reeling. These weren't Satanists. These were frat boys doing hazing pranks. They probably smashed beer cans on their foreheads at their dark ceremonies. Kristin wasn't at her desk when I returned to Cedric's office across town. Presumably she was off doing imp things. Or maybe she was at lunch. His door was closed, making me think he must be busy, but honestly, I didn't have time to pay much attention to that. Something else immediately caught my attention. There was a demoness in his waiting room. A full-fledged archdemoness, actually. I recognized her, even though we'd never formally met. Nanette, Portland's archdemoness. â€Å"Hi,† I said, too stunned for much more than that. I might backtalk Jerome, but other demons were an entirely different matter. She glanced up from her magazine like she'd just noticed me, though I knew she'd sensed me long before this. â€Å"Hello. Georgina, right?† I nodded, wondering if I should shake her hand or something. She didn't seem like she was keen to get up, so I simply sat in another chair. Why was Portland's archdemoness waiting to see Cedric? And why was she waiting, period? That wasn't in demonic nature at all. They were too impatient. Nanette wore a short, peach-colored shift dress that showed off long, shapely legs. Her blond hair fell just over her shoulders, smooth and sleek from a flat iron-or, well, from demonic magic. She was beautiful, but it was edged in the cold fierceness demons so often had, like the way a cobra or a katana is beautiful. I wasn't afraid to talk to people. Striking up conversation was part of what I did. But I wasn't entirely sure what to say to her. Demons were prickly about how they interacted with lesser immortals. Some were quite snobby about it. I didn't know too much about Nanette or how she might react. I knew she was less powerful than Jerome and that the two didn't have much contact. I'd never heard of her being particularly bitchy or trigger-happy, so I took that as a good sign. My concerns about what to say were put to rest when she spoke first. â€Å"Boy,† she said. â€Å"I wouldn't want to be you for the world.† â€Å"I-I beg your pardon?† â€Å"This.† She gestured toward Cedric's closed door with a French manicured hand. â€Å"All of this. I presume you've been out to see his little Army of the Night?† â€Å"Darkness,† I corrected. â€Å"Army of Darkness.† â€Å"Whatever. Those nuisances. Jerome sent you here to ‘help' because Cedric wanted an infiltrator?† â€Å"Something like that.† I wondered how this news had spread so fast. Nanette shook her head in mock sympathy. â€Å"You're going to be the one to take the fall if something goes wrong. If things go bad between Jerome and Cedric or if that cult won't play ball†¦well, like I said, I wouldn't want to be you. You're being played from every angle and don't even realize it.† â€Å"What's there to play? I just got here. And I don't see how things can go wrong,† I said slowly. â€Å"I mean, this group just does stupid stunts.† I recalled how even a little seduction had affected Evan. If I'd started stripping on the Ozzy rug, I was certain he wouldn't have been able to hold back. â€Å"They're no real threat to Cedric, and I don't think they're going to be that hard to rein in. And as for him and Jerome†¦I mean, they patched up their differences already, right?† â€Å"Come now. You're what, a millennium old? Millennium and a half? So young.† She smiled. â€Å"Georgina, demons never settle their differences. Even you should know that. Do you really think things are stable around here? With the way Cedric's let this cult run wild? And after the way Jerome's barely been able to keep control in Seattle?† I thought about Jerome booting me to Canada in less than twenty-four hours. â€Å"Jerome seems like he's got control to me.† She uncrossed her legs and leaned forward, blue eyes gleaming. â€Å"Jerome has had three nephilim in his territory in the last six months. Three. Do you know how unheard of that is? I'm guessing you'd never even run into a nephilim your entire life before this. Not in all those years.† â€Å"No,† I admitted. Nephilim were the children of humans and angels-well, angels who had fallen and were now demons, seeing as having kids was a breach of Heaven's employment agreement. Considered abominations by both good and evil alike, nephilim were the scourge of the immortal world. They had a lot of power and were pissed off at the way greater immortals treated them. They were unruly, destructive, and given to killing sprees. Jerome had actually fathered two nephilim, twins who were among the three Nanette was referring to. One of them, Roman, had been my boyfriend for a bit while he secretly wiped out immortals on the side. I'd been instrumental in his undoing-something I was certain he was still pissed off about, particularly since it had resulted in the death of his sister. We hadn't seen Roman since then. Shortly thereafter, a nephilim named Vincent had come to Seattle, following an angel he loved. Vincent was actually a very sweet nephilim, though I wasn't sure how kind he was feeling these days since Heaven had kicked out his girlfriend when she killed another angel to save him. Vincent too had disappeared. â€Å"Three nephilim,† repeated Nanette. â€Å"And two got away. Sloppy, very sloppy.† â€Å"It wasn't Jerome's fault,† I said loyally, a bit unsure how you'd even assign blame in that situation. It had never occurred to me that our unexpected visitors could be seen as a sign of Jerome's weakness or his inadequacy as archdemon. â€Å"The angels could have done something. It's their territory too.† â€Å"Not in the eyes of our superiors,† she said slyly. I frowned, losing a bit of my timidity. â€Å"With all due respect, what are you doing here?† Her smile grew. â€Å"What do you think? I have two demons in my backyard who are in an arms race. Both are getting attention from demons outside the Northwest.† I didn't like the sound of that and recalled Cedric affirming as much. â€Å"You think I want to be involved in that? You think I want to be played the way everyone's playing you? My territory's small, and I'm weaker than both Jerome and Cedric. I don't want them to decide to annex Portland while they play their cosmic game of Risk. I want them to leave me alone.† Her voice was hard, but I heard a bit of worry in there too, and I realized what was going on. â€Å"You're here to†¦Ã¢â‚¬  I considered â€Å"suck up† or â€Å"beg† but thought better of it. â€Å"†¦negotiate with Cedric. For protection. To keep you out of it.† Nanette looked away, unwilling to acknowledge this in front of a succubus. Just then, the door opened and Cedric stepped out. He glanced around. â€Å"Kristin's still gone? I wish she'd hurry up and bring back those donuts.† â€Å"Tim Hortons?† I guessed. He gave me an incredulous look. â€Å"Of course.† He turned to Nanette. She'd stood up, and he kissed her hand in a polite, antiquated way. â€Å"Sorry. Phone call with Tech Support. You know how that is.† To me he said, â€Å"We'll talk later.† I took it as a bad sign that he said â€Å"later† and not â€Å"soon.† Settling into my chair, I braced myself for patience. Ten magazines later, Cedric opened the door again. Nanette was nowhere in sight, so I presumed she must have teleported back to Portland. I took my same chair in Cedric's office, noting that his screen showed Match. com rather than Wikipedia today. When he saw what I was looking at, he hastily minimized his Web browser. â€Å"So, what have you found out?† I gave him a report of my morning with Evan. â€Å"They're ridiculous,† I declared as my final assessment. â€Å"I already knew that,† he said. â€Å"You think you can put an end to this? Soon?† The impatient sound in his voice made me wonder if he'd expected me to cinch things up already. I thought about it. â€Å"Yeah, pretty sure I can as soon as I meet the others. This guy looked like he might crack on his own. But I won't see them until Saturday.† Cedric tipped back in his chair, face thoughtful. â€Å"All right. They probably won't do anything before then anyway. Go to their meeting and work over the rest of them. In the meantime, you might as well head back home.† I straightened up in my chair. â€Å"Really?† He shrugged. â€Å"No point in you sticking around unless you want to sightsee. Just come back Saturday.† â€Å"But†¦Ã¢â‚¬  I hesitated. â€Å"Jerome sent me here because he was mad and didn't want to deal with me. If I go back and he doesn't want me there†¦Ã¢â‚¬  Cedric snapped his chair forward and sat up. â€Å"He can take it up with me. I'll tell him I didn't want you here either.† There was something mischievous in his eyes, like he almost hoped Jerome might pick a fight. Uneasily, I remembered Nanette's words. You're being played from every angle and don't even realize it. â€Å"Okay,† I said finally. â€Å"Thanks.† Cedric glanced toward the door, his expression lightening. â€Å"Ah, Kristin's back.† A few moments later, I sensed the imp's signature as well. I stood up, and he gestured me to the door with a smile. â€Å"Have a good drive. And grab a donut on your way out.†

Valuating & Financial Prediction of Fortescue Metals Group Ltd

| Valuating & Financial Prediction of Fortescue Metals Group Ltd| AFX9540 BUSINESS FINANCE| | | | Executive Summary This report is written to offer a business analysis of Fortescue Metals Group Ltd (FMG) where there will be a discussion on the background of the company, its return on the pre-post announcement of raising funds, the capital structure during the global financial crisis in comparison to its peers and the estimation on the share valuation in comparison to the actual share value. Fortescue Metals Group (ASX:  FMG) is an Australian iron ore mining company.The company has holdings of more than 87,000 km? in the Pilbara region of Western Australia making it the largest tenement holder in the state. It is listed as FMG on the Australian Securities Exchange (ASX). In 2008, the group loaded its first iron ore shipment bound for China. Fortescue have at least 10 Chinese steel mill contracts lasting for around 10 years. Baosteel was the first company to receive their iron ore. F or the share valuation, the report uses the CAPM model to determine the prevailing cost of capital and also uses the dividend discount multistage model to predict the share price for the company.The components of the CAPM model (i. e. risk free rate, company beta, Market return and growth rate) are calculated and predicted on historical data. The valuation data is then compared with the actual market price of the shares for the corresponding years and a brief analysis is then performed on the economic and internal reasoning behind any variance encountered. Table of Contents Executive Summary2 1. 0Brief overview of the company4 2. 0Capital Structure4 2. 1Funds raised by the company4 2. 2Usage of the fund5 2. 3Announcement date for the issue5 2. 4Share-return pre and post announcement5 2. Market return same period6 2. 6 Market Perception6 2. 7 Effect of recent financial crisis7 3. 0 Valuation of FXJ shares7 3. 1Risk free rate calculation8 3. 2Market rate calculation8 3. 3Beta calculat ion9 3. 4CAPM Calculation10 3. 5Growth rate calculation10 3. 6Share valuation11 3. 7Comparison of valuation vs. actual data12 3. 8 Evaluation of the variation13 4. 0 Conclusion13 Appendix 1: Cash rate target14 Appendix 2: Market data for beta calculation14 Reference & Bibliography†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 16 . 0General background of the Firm Fortescue Metals Group Ltd is the New Force in Iron Ore and has joined the world's leading producers of iron ore. Since the Company was formed in 2003, its extraordinary growth has been unparalleled. Listed in the S;P/ASX 50 share index, Fortescue has firmly established itself as one of the world's largest producers and sea-borne traders of iron ore. From Construction to Production Construction of Fort escue's port, rail and mine project commenced in February 2006 with the turning of the first sod at the Company's port site at Anderson Point in Port Hedland.Just two years later in 2008, the open-access rail infrastructure was complete and  operations were underway  at the Fortescue Herb Elliott Port and at the Company's first minesite, Cloudbreak. Shipping started on 15 May 2008 and Project Completion was achieved within months. On 18 July 2008, Fortescue's fifth anniversary, the Company successfully mined, railed and shipped at a rate of 24mtpa (Million ton per annum) for a one month period. In the first full year of operations, Fortescue mined, railed and shipped more than 27 million tonnes of iron ore to customers in China. FinanceFortescue's project was founded on the raising of A$3. 7 billion capital, including A$1 billion equity, during two finance road shows in August 2006 and July 2007. The August 2006 raising was the largest single high-yield Asia-Pacific transaction, the largest high-yield bond project financing ever, one of the largest corporate bonds out of Australia and one of the largest global bond issues in the sector. Since then Fortescue has grown to become an S;P/ASX 50 company. Over 55,000 Australians have become shareholders in the proudly Australian founded and managed company.A substantial increase in Fortescue's Resource Inventory to 10. 03 billion tonnes in March 2011, including 1. 6 billion  tonnes of Reserves,  positioned the company as one of the world's major resource houses. This massive Resource Inventory was achieved in record time and was delineated from approximately 10 per cent of  Fortescue's 88,000 square kilometres of Pilbara tenements. 2. 0Capital Structure of the Firm 2. 1Funds raised by the company 1,326,316 number of Ordinary Shares were issued to generate A$6. 3 million. 2. 2Purpose of Fund 1,326,316 number of Ordinary Shares were issued as payment for a distribution of A$6. million due under the A$140m, R edeemable Preference Share issued with maturity on or before February 2017. 2. 3Announcement date of the issue The initial announcement date for this issue of the Ordinary Share was 15th September 2010. 2. 4Share return from two days before the announcement date to two days after the announcement. Holding Period Return=Ending Price-Beginning PriceBeginning Price ? 100 Holding Period Return=p1-p0p0 ? 100; P1 = Ending Price, P0 = Beginning Price | Date| Open| High| ow| Close| Volume| Adj Close*| 17 Sep 2010| 4. 87| 4. 92| 4. 83| 4. 84| 25,307,700| 4. 82| 16 Sep 2010| 5. 2| 5. 02| 4. 85| 4. 86| 15,360,000| 4. 84| 15 Sep 2010| 5. 03| 5. 08| 4. 99| 5. 03| 11,614,800| 5. 01| 14 S p 2010| 4. 99| 5. 07| 4. 97| 5. 02| 10,319,500| 5. 00| 13 Sep 2010| 4. 91| 5. 01| 4. 90| 4. 97| 14,643,800| 4. 95| | Closing price adjusted for dividend and splits Before the Announcement Date: Holding Period Return=p1-p0p0 ? 100 So, HPR=5. 02-4. 914. 91 ? 100 = 2. 24% After the Announcement Date: Holding Period Return=p1-p0p0 ? 100 So, HPR=4. 84-5. 025. 02 ? 100 = -3. 59% 2. 5Market Return same period | Date| Open| High| Low| Close| Volume| Adj Close*| 17 Sep 2010| 4,657. 70| 4,692. 50| 4,657. 0| 4,685. 10| 1,523,846,600| 4,685. 10| 16 Sep 2010| 4,703. 00| 4,707. 70| 4,648. 90| 4,650. 00| 1,813,657,000| 4,650. 00| 15 Sep 2010| 4,670. 10| 4,710. 50| 4,669. 90| 4,702. 70| 1,644,565,600| 4,702. 70| 14 Sep 2010| 4,661. 40| 4,688. 90| 4,661. 10| 4,669. 10| 1,422,233,600| 4,669. 10| 13 Sep 2010| 4,613. 30| 4,660. 90| 4,612. 70| 4,654. 20| 1,433,713,600| 4,654. 20| Closing price adjusted for dividend and splits Holding Period Return=Ending Price-Beginning PriceBeginning Price ? 100 Holding Period Return=p1-p0p0 ? 100; P1 = Ending Price, P0 = Beginning Price Before the Announcement Date:Holding Period Return=p1-p0p0 ? 100 So, HPR=4669. 10-4613. 304613. 30 ? 100 = 1. 21% After the Announcement Date: Holding Period Return=p1-p0p0 ? 100 So, HPR=4685. 10-47034703 ? 100 = -0. 38% 2. 6Market Perception From the above analysis it can be seen that the share performance of the company and the market was stable during the pre and post two days of the announcement. Previously before the announcement the performance of both is going the similar path (upward movement). On the other hand post announcement illustrated negative result (-3. 59% against -0. 38%) for Fortescue Metals Group Ltd.There might be two causes behind this; one, the share price have been over estimated for which the price had to be adjusted. Secondly, the investors did not take the fund raising issue positively as they might think it would not generate much fund for the company’s growth and thus unable to generate enough wealth for them. 2. 7Effect of recent financial crisis | | BlueScope| Fortescue Metals| Mount Gibson| OneSteel| Net Gearing| 2007| 0%| 0%| 0%| 46. 65%| | 2008| 0%| 0%| 25. 42%| 56. 72%| | 2009| 0%| 9%| 6. 29%| 28. 22%| | 2010| 14. 82%| 169. 90%| 3. 97%| 21. 45%| | 2011| 24. 43%| 183. 43%| -| 38. 36%|Table 1: Gearing ratio-peer analysis of Fortescue Metals Group Ltd. We can conclude that the recent financial crisis did not affect the industry’s capital structure. As of now the mining industry is going boom. In the time of recession, most of the companies will not have enough profit to repay a debt so; investors are more interested in investing in mining industry rather than some other industry. By using the gearing ratio, it can be seen that Fortescue’s degree of leverage is higher, the more higher the  company is considered risky. However Fortescue Metals Ltd is very strong with their high growth rate compared to its competitors.For them paying off the debt would not be a big issue as they are enjoying three benefits which are; one, mining industry is going boom; two, Australian dollar (AUD) getting stronger; and three, Fortescue’s operations are well placed to maintain the 55mtpa rate across the 2012 financial year while development to 155mtpa conti nues in a mixture of brownfields and greenfields projects, scheduled to take place through to June 2013. 3. 0Valuation of shares The dividend discount multistage model is a procedure for valuing the price of a stock by using predicted dividends and discounting them back to present value.The idea is that if the value obtained from the dividend discount multistage model is higher than what the shares are currently trading at, then the stock is undervalued. Formula P0 = D11+R The required return can be calculated using the CAPM (capital asset pricing model) model, which becomes the cost capital of the project. Formula CAPM: E(r)= Rf+[? i (Rm-Rf)] 3. 1Risk free rate calculation The benchmark interest rate in Australia was last reported at 4. 75 percent. In Australia, interest rates decisions are taken by the Reserve Bank of Australia's Board.The interest rate needs to be adjusted yearly using the Effective Annual Rate. EAR = (1+in)n-1 EAR| 2011| 2010| 2009| Calculation| (1+. 0475/365)36 5-1| (1+. 0396/365)365-1| (1+. 0479/365)365-1| Rf| 4. 86%| 4. 03%| 4. 90%| Table 2: Risk Free rate 3. 2Market rate calculation The calculation of market return will include statistics from 5 years to counteract any data abnormality from recession or seasonal spikes. | 2005| 2006| 2007| 2008| 2009| 2010| 2011| Calculation| 4,229. 93,546. 1-1| 5,034. 04,225. 9-1| 6,310. 65035. 4-1| 3,947. 85,345. 8-1| 3,947. 85,345. 8-1| 4,324. 83,934. 4-1| 4,659. 84,309. -1| Return| 0. 1928| 0. 1912| 0. 2532| -0. 1549| -0. 2615| 0. 0992| 0. 0811| Average Market return based on five years performance is: Rm2011 = (0. 2532-0. 1549-0. 2615+0. 0992+0. 0811)5 = 0. 0034 = 0. 34% Rm2010 = (0. 1912+. 2532-0. 1549-0. 2615+0. 0992)5 = 0. 0254 = 2. 54% Rm2009 = (0. 1928+0. 1912+0. 2532-0. 1549-0. 2615)5 = 0. 04416 = 4. 42% 3. 3Beta calculation: The beta is taken from FinAnalysis. Beta (? ) is a number describing the relation of its returns with those of the financial market as a whole. The beta coefficient is a key parameter in the capital asset pricing model (CAPM).It measures the part of the asset's statistical variance that cannot be removed by the diversification provided by the portfolio of many risky assets, because of the correlation of its returns with the returns of the other assets that are in the portfolio. Formula for Beta is: i=1n[Ri-ER]2n-1 Data from 2009 to 2011 has been used and a data of 3 years is used to calculate the beta. | 2009| 2010| 2011| ?| 0. 91| 0. 80| 0. 88| A beta of greater than 1 indicates that the security's price will be more volatile than the market. Fortescue Metals Ltd has a beta of 0. 88; therefore it is less volatile than the market. 3. CAPM Calculation: Hence, using Capital Asset Pricing Model (CAPM) as Required Return E(r)= Rf+[? i (Rm-Rf)] | 2009| 2010| 2011| Calculation| 4. 90% + [0. 88(4. 42%-4. 90%)]| 4. 03% + [0. 88(2. 54%-4. 03%)]| 4. 86% + [0. 88(0. 34%-4. 86%)]| Return| 4. 48%| 2. 72%| 0. 88%| Table 4: Cost of Capital 3. 5Growth Rate Calcula tion Growth rate calculation represents the  compounded annualized rate of growth of a company's revenues, earnings, dividends, etc. The formula for growth rate = Return on equity X Plowback ratio = ROE ? (1-DividendEPS) This growth rate will be used for the calculation of share prices for the last three years.ROE, DIV and EPS from 2009 to 2011 are shown below: | 2009| 2010| 2011| ROE| 13. 62%| 51. 57%| 75. 36%| DIV ($)| -| -| 7. 0| EPS ($)| 21. 90| 22. 12| 31. 88| Table 5: Financial data g2011 = ROE(2011) (1- Div(2011)/EPS(2011)) = 75. 36%(1-7/31. 88)= 58. 81% g2010 = ROE(2010) (1- Div(2010)/EPS(2010)) = 51. 57%(1-0/22. 12)= 51. 57% g2009 = ROE(2009) (1- Div(2009)/EPS(2009)) = 13. 62%(1-0/21. 90)= 13. 62% Below is the summary of the data discussed: Components| 2009| 2010| 2011| Er| 4. 48%| 2. 72%| 0. 88%| Rf| 4. 86%| 4. 03%| 4. 90%| Rm| 4. 42%| 2. 54%| 0. 34%| ?i| 0. 91| 0. 80| 0. 88| | 13. 62%| 51. 57%| 58. 81%| Table 6: Summarisation of component 3. 6Share Valuation To calculat e the value of the shares, we need to determine the method of valuation so; mixed stage dividend model can be used to calculate the value of the share. Bearing in mind the business nature, we can see an average of 41. 33% growth which is abnormally high. For the purpose of calculation we will presume this high growth rate will continue for another 40-45 years at least. As it is a new mining company and as we know that the return comes late so, the growth rate is high even after a long term.From 2053 onwards we assume that the business will grow at 7% rate, which we believe is a conservative approach, as because by then there will be many mining companies opening both domestically and internationally. China is progressing very fast and by next 15-20 years they will level up, not just China; India, South Africa, South America etc are also catching-up fast, so due to the high competition the market would not remain the same and it will change consecutively as forecasted. The valuation calculation will take this assumption towards establishing the model. P2009=i=20092012D0 (1+g)i(1+Ke)i + Pi(1+Ke)iP2010=i=20102012D0 (1+g)i(1+Ke)i + Pi(1+Ke)i P2011=i=20112012D0 (1+g)i(1+Ke)i + Pi(1+Ke)i | Growth Rate| Net Cash Flow| Cost of Capital| | D2009| | -13,643| 4. 48%| | D2010| | 1,877,963| 2. 72%| | D2011| 41. 33%| 4,206,365| 0. 88%| | D2012| 50%| 4,906,922| 0. 92%| | D2013| 55%| 6,767,080. 65| 0. 99%| | D2014| 60%| 10,435,594. 64| 0. 99%| | D2015| 60%| 16,587,385. 22| 0. 96%| | D2016| 60%| 26,477,415. 36| 0. 98%| | D2017| 60%| 42,346,454. 77| 1%| | D2018| 60%| 67,743,188. 44| 0. 95%| | D2019| 60%| 108,379,297. 7| 0. 96%| | D2020| 60%| 173,398,415. 1| 0. 98%| | D2021| 60%| 277,429,356. 2| 1%| |D2022| 60%| 443,881,664. 5| 0. 98%| | -| -| -| -| | D2052| 8. 19%| 13,101,273,811| 0. 98%| | D2053| 7%| 22,933,861. 67| 0. 98%| | | P2009| 3. 89| | P2010| 3. 61| | P2011| 5. 46| Table 7: Summary calculation 3. 7Comparison of valuation vs. actual data From the valuation calculated thr ough the process, now we will compare that with the actual data from the market. Year| Valuation Data| Actual Data| Variance| Comment| 2009| 3. 89| 3. 64| -6. 40%| Undervalued| 2010| 3. 61| 3. 96| 9. 64%| Overvalued| 2011| 5. 46| 5. 98| 9. 43%| Overvalued| Table 8: comparison of actual and calculated data 3. Evaluation of the variation The valuation of the shares seems to be in the right track compared with the market trend. Nevertheless, post state gives a more variable scenario. Dividend was replaced by using the net operation Cash Flow per share. The operation cash flow only represents the cash flow in the company’s operation activities; whilst the company also have investing activities and financing activities. Thus, only use of the operation cash flow in the valuation has a high percentage of uncertainty. According to the table above, the actual price is undervalued.The valuation can be endorsed to the lower than expected risk premium in the market resulting from the con trolled risk free rate determined by the government. Another issue can be AUD getting stronger compared to USD, resulting additional dent on the nominal cost of capital for the company. In the later part of the table, the actual price is overvalued. In order to illustrate this phenomenon, one possible reason is inflation. Inflation is an overall general rise in prices. As we know, global financial crisis happened few years back, the effect of the financial crisis was significant on the whole market and caused inflation.Therefore, due to inflation, the market prices are higher than the actual prices. Another possible reason is some unpredicted economic/natural events happened during this period and lead to movements of the market price. On the other hand the factors can be attributed to the assumptions and predictions using the calculation components. CAPM formula and Beta calculation has its own risk and de-merits. The growth rate is strongly manipulated by the industry’s lan dscape, economic status and political issues.The information available could also affect the actual share prices in the market which will impact on decision making for share buyers/sellers. The share price valuation will be varied from one investor to another depends on their information. As there is an existence of asymmetric information in the market, one cannot estimate the share price exactly the same with the actual share price. Besides, the investors behaviour are different between one another, hence, the pattern of the actual share price is not only based on market returns in general, but also depends on whether the level of the risk that the investors are willing to bear. . 0Conclusion In conclusion, we need to consider about inflation and unpredicted events when we investigate the market price. In addition, we need to distinguish nominal interest rate and real interest rate when we calculate. Appendix 1: Cash rate target: Effective date| New cash rate| Adjusted cash rate| | | 2011| 4. 75| 5 May 2010| 4. 75| 2010| 3. 96| 7 Apr 2010| 4. 50| | | 3 Mar 2010| 4. 25| | | 2 Dec 2009| 4. 00| | | 4 Nov 2009| 3. 75| | | 7 Oct 2009| 3. 50| | | 8 Apr 2009| 3. 00| | | 4 Feb 2009| 3. 25| 2009| 4. 79| 3 Dec 2008| 4. 25| | | 5 Nov 2008| 5. 25| | | 8 Oct 2008| 6. 00| | | 3 Sep 2008| 7. 00| | |Appendix 2: Market Data for beta calculation: Date| Open| High| Low| Close| Volume| Adj Close| 3/10/2011| 0. 81| 0. 94| 0. 79| 0. 89| 18267300| 0. 89| 1/09/2011| 0. 85| 0. 9| 0. 74| 0. 82| 16091200| 0. 82| 1/08/2011| 0. 87| 0. 92| 0. 68| 0. 85| 15948300| 0. 85| 1/07/2011| 0. 98| 1. 01| 0. 86| 0. 88| 11603100| 0. 88| 1/06/2011| 1. 09| 1. 09| 0. 94| 0. 98| 17479100| 0. 98| 2/05/2011| 1. 32| 1. 33| 1. 03| 1. 08| 21843500| 1. 08| 1/04/2011| 1. 29| 1. 37| 1. 25| 1. 32| 17067200| 1. 32| 1/03/2011| 1. 29| 1. 3| 1. 17| 1. 29| 18402900| 1. 29| 1/02/2011| 1. 34| 1. 46| 1. 28| 1. 3| 14583200| 1. 3| 4/01/2011| 1. 4| 1. 42| 1. 33| 1. 35| 10259000| 1. 5| 1/12/2010| 1. 37| 1. 46| 1. 36| 1. 4| 1 8060000| 1. 4| 1/11/2010| 1. 44| 1. 49| 1. 32| 1. 37| 15254000| 1. 37| 1/10/2010| 1. 45| 1. 55| 1. 4| 1. 45| 12209300| 1. 45| 1/09/2010| 1. 47| 1. 57| 1. 44| 1. 47| 10714700| 1. 47| 2/08/2010| 1. 48| 1. 52| 1. 33| 1. 44| 12983000| 1. 43| 1/07/2010| 1. 3| 1. 51| 1. 29| 1. 48| 10254300| 1. 46| 1/06/2010| 1. 52| 1. 52| 1. 26| 1. 32| 17287600| 1. 3| 3/05/2010| 1. 72| 1. 76| 1. 4| 1. 51| 19697600| 1. 5| 1/04/2010| 1. 79| 1. 83| 1. 72| 1. 73| 12311100| 1. 71| 1/03/2010| 1. 62| 1. 86| 1. 62| 1. 8| 16808300| 1. 78| 1/02/2010| 1. 7| 1. 88| 1. 64| 1. 65| 17412500| 1. 63| 4/01/2010| 1. 74| 1. 88| 1. 7| 1. 73| 13261300| 1. 71| 1/12/2009| 1. 63| 1. 75| 1. 56| 1. 74| 8904800| 1. 72| 2/11/2009| 1. 55| 1. 77| 1. 52| 1. 63| 11449600| 1. 62| 1/10/2009| 1. 72| 1. 8| 1. 52| 1. 61| 14759100| 1. 59| 1/09/2009| 1. 46| 1. 75| 1. 42| 1. 72| 18761900| 1. 7| 3/08/2009| 1. 49| 1. 55| 1. 4| 1. 47| 18455600| 1. 46| 1/07/2009| 1. 19| 1. 48| 1. 07| 1. 48| 15136300| 1. 46| 1/06/2009| 1. 15| 1. 35| 1. 15| 1. 22| 156 24600| 1. 21| 1/05/2009| 1. 18| 1. 18| 0. 99| 1. 14| 15047200| 1. 13| 1/04/2009| 1. 01| 1. 19| 1. 01| 1. 18| 16260500| 1. 17| 2/03/2009| 0. 95| 1. 08| 0. 8| 1. 01| 18923300| 1. 01| 2/02/2009| 1. 35| 1. 39| 0. 92| 1. 08| 9490000| 1. 07| /01/2009| 1. 64| 1. 76| 1. 25| 1. 4| 5383300| 1. 39| 1/12/2008| 1. 4| 1. 67| 1. 33| 1. 63| 7776700| 1. 62| 3/11/2008| 1. 94| 2. 09| 1. 12| 1. 35| 8740000| 1. 34| 1/10/2008| 2. 75| 2. 76| 1. 85| 1. 92| 6877000| 1. 9| 1/09/2008| 2. 82| 3. 11| 2. 59| 2. 64| 7193700| 2. 62| 1/08/2008| 2. 65| 3. 05| 2. 58| 2. 82| 10400800| 2. 79| 1/07/2008| 2. 9| 3. 2| 2. 57| 2. 75| 8612800| 2. 72| References & Bibliography * http://www. asx. com. au/asx/research/companyInfo. do? by=asxCode&asxCode=FMG * http://www. investsmart. com. au/shares/asx/Fortescue-Metals-Group-FMG. asp * http://www. fxj. com. au/shareholders/Fairfax_AnnualReport_2011. df * http://www. fmgl. com. au/IRM/Company/ShowPage. aspx/PDFs/2147-13354473/Appendix3 bAllotmentofShares * http://au. finance. ya hoo. com/q/ao? s=FMG. AX * http://datanalysis. morningstar. com. au. ezproxy. lib. monash. edu. au/af/company/issuedcapital? ASXCode=FMG&page=1&resultsperpage=25&xsl_predicate=&xsl_start_year=1999&xsl_end_year=2011&active=ISU_Sec1&xsl_start_date=1999-01-01&xsl_end_date=2011-12-31&xtm-licensee=dat#Active_ISU_Sec2 * http://www. asx. com. au/asx/statistics/announcements. do? by=asxCode&asxCode=fmg&timeframe=Y&year=2010 * http://www. specthuntley. com. au. ezproxy. lib. monash. edu. au/af/company/mainview? ASXCode=FMG * http://au. finance. yahoo. com/q/hp? s=FMG. AX&a=06&b=1&c=2008&d=05&e=30&f=2011&g=m * http://www. asx. com. au/research/market-statistics. htm ——————————————– [ 1 ]. http://www. fmgl. com. au/IRM/Company/ShowPage. aspx/PDFs/2147-13354473/Appendix3bAllotmentofShares [ 2 ]. http://au. finance. yahoo. com/q/hp? s=FMG. AX&a=08&b=13&c=2010&d=08&e=17&f=2010&g=d [ 3 ]. http: //au. finance. yahoo. com/q/hp? s=%5EAORD&a=08&b=13&c=2010&d=08&e=17&f=2010&g=d [ 4 ]. ttp://www. bluescopesteel. com/investors/annual-reports [ 5 ]. http://www. igo. com. au/IRM/content/investor/annualreports. htm [ 6 ]. http://www. mtgibsoniron. com. au/pages2/InvestRelations. aspx? PageID=IR_AR [ 7 ]. http://www. aspecthuntley. com. au. ezproxy. lib. monash. edu. au/af/company/annualratios? ASXCode=OST&xtm-licensee=finanalysis [ 8 ]. http://www. investopedia. com/terms/d/ddm. asp#axzz1aBqlpkfj Table 3: Market return [ 9 ]. http://www. tradingeconomics. com/australia/interest-rate [ 10 ]. http://www. aspecthuntley. com. au. ezproxy. lib. monash. edu. au/af/company/annualps

Missouri Applies for Statehood

Missouri Applies for Statehood- 1819 In 1819, Missouri wanted to join the Union, although in the North, as a slave state. In would make the balance of power in the Congress unequal. Many Northerners were opposed to the idea. Northerners in Congress refused to pass the bill. Northerners proposed that Missouri be slave and that no more slaves were to be brought in and all slave children would be free at the age of 25, so Missouri would become a Free State. Southerners were opposed to the idea brought up by Northerners. The Congress was in debate for many months. Henry Clay proposed that Maine enter the Union as a Free State. Also, prohibiting slavery north of the 36030, the southern boundary of Missouri. The South agreed since Plantations would not be able to thrive further North of that line. Many concerned Americans thought that the slavery issue was resolved. In 1828, A Tariff was passed to help try to protect New England Manufactures. The tariff was as high as 45% to 50% of the original European price. Opponents of the tariff called it the Tariff of Abomination. Southerners were opposed to the tariff because they exported cotton and other materials to Europe in exchange European goods were imported to America. Southerners claimed it was an indirect tax on their region of the United States. Southerners began to ask for states right. South Carolina even went as far as to ask for the tariff taken off the books or they would succeed. The tariff was lowered by Congress. Abolitionism was around before the 1830s but, it became a more radical during this time. Before 1830, Benjamin Lundy ran a anti-slavery newspaper. In 1829, Lundy hired William Lloyd Garrison. Garrison went on to publish his own newspaper the Liberator. Many people also favored a Colonization movement. In which free slavers would move to Liberia, which was founded in 1822 in Africa by former slaves. Paul ...

Free Essays on Manment Information

In today's business environment it is getting harder and harder for organisation’s to not only survive but to compete against other organisation’s. Information technology plays a big part in helping companies compete and survive. Companies that have branches or franchises need to make sure that they can communicate with the head office so that orders can be passed down. Most of a mangers time is spent 1 Passing information and ideas upwards to senior management to aid their decision making 2 Providing other department managers with information which will help them do their jobs more effectively 3 Passing information down wards to subordinates 4 Conveying attitudes or creating them 5 Receiving and interpreting facts and data 6 Communicating with people out sides the company e.g. suppliers. The manager needs resources to aid him with the task mentioned above. Management information systems and decision support systems are two such resources. Computers and information systems play critical roles in the operation of most organisations. All organisations, from factories to banks, are highly dependent on information for their day-to-day operations. The vast quantity of information that large corporations and government agencies need to operate, and the speed with which that information is created and used, makes computer-based information systems critical to such operations. What is a Management Information System? There are different definitions of a management information system: â€Å"Management Information system products produce information products that support many of the day-to-day decisions –making needs of management. Reports, displays, and responses produced by such systems provide information that managers have specified in advance as adequately meeting their information needs.† Taken from Management Information Systems Third edition by James A. O’Brien PG 370 â€Å"Management information system can be def... Free Essays on Manment Information Free Essays on Manment Information In today's business environment it is getting harder and harder for organisation’s to not only survive but to compete against other organisation’s. Information technology plays a big part in helping companies compete and survive. Companies that have branches or franchises need to make sure that they can communicate with the head office so that orders can be passed down. Most of a mangers time is spent 1 Passing information and ideas upwards to senior management to aid their decision making 2 Providing other department managers with information which will help them do their jobs more effectively 3 Passing information down wards to subordinates 4 Conveying attitudes or creating them 5 Receiving and interpreting facts and data 6 Communicating with people out sides the company e.g. suppliers. The manager needs resources to aid him with the task mentioned above. Management information systems and decision support systems are two such resources. Computers and information systems play critical roles in the operation of most organisations. All organisations, from factories to banks, are highly dependent on information for their day-to-day operations. The vast quantity of information that large corporations and government agencies need to operate, and the speed with which that information is created and used, makes computer-based information systems critical to such operations. What is a Management Information System? There are different definitions of a management information system: â€Å"Management Information system products produce information products that support many of the day-to-day decisions –making needs of management. Reports, displays, and responses produced by such systems provide information that managers have specified in advance as adequately meeting their information needs.† Taken from Management Information Systems Third edition by James A. O’Brien PG 370 â€Å"Management information system can be def...

My SAT Testing Center Was a Nightmare - Make Sure This Doesnt Happen to You

My SAT Testing Center Was a Nightmare - Make Sure This Doesn't Happen to You SAT / ACT Prep Online Guides and Tips On Saturday, June 6th, I sat alongside high school students to take the SAT at George Washington Prep High School in South Los Angeles. I knew what to expect. I’d taken the test back in 2009 in South Florida when I was beginning my own college application process. I could never have imagined how different my experience would be this time. My SAT Testing center, located in a poor area of Los Angeles, had HUGEflaws that resulted in extremely unfair testing conditions for the students. When I shared these experiences with my co-workers, they were flabbergasted. But others shared experiences that were just as deplorable. I wish I were joking. I wish this were satire. But this isn't Saturday Night Live, and there were serious problems that ruined the experience for the other test-takers, many of whom were taking it for the first time and using vouchers. This is undoubtedly happening across the country and crippling the scores and futures of thousands of students. Unfortunately, as in my experience,these problems may be especially prevalent in lower income areas where students aren't as well prepared for how the test SHOULD go, and incompetent proctors may be overlooked. Read this and make sure this doesn't happen to you. I'll address the five main issues that occurred: Shortened section times Communicating the wrong instructions Intolerable noise Poor proctoring leading to opportunities for cheating Break time waived I'm reporting 100% fact from my own experience. I'm not a dramatic person, and I wish these things hadn't happened. At the end, I'll address why these issues matter, what you as a test taker should learn from my experience, and what the College Board should learn from my experience. Shortened Section Time Issues While many students are angry over the 20/25-minute discrepancy on section 8/9 of the test, this is not the timing issue I am referring to. To be honest, no one at my testing center seemed to notice. There were too many other issues. We only received 20 minutes for the essay portion, instead of 25 minutes - a full 20% less than the allotted time. Our proctor incorrectly wrote that we started at 8:45 when we actually started at 8:50, according to my watch and the clock on the wall.I didn’t say anything at the time because I assumed he was timing off his own watch that was perhaps 5 minutes behind. I assumed we would be stopped at 9:15 according to my watch, but we were stopped at 9:10. How many clocks does it take to tell the time? I didn't say anything, and I regret it. I was able to finish my own essay, but I could have potentially helped the students around me. I didn't say anything at the time because I second-guessed myself. Was I wrong?Was the section only 20 minutes long? I re-read the instructions after the test was over and realized that we were supposed to have 25 minutes for the essay. Also, in some ways, I felt helpless. I only had 1 proctor in my room, and he was the one making the mistakes. Would he listen to me? Who could I talk to other than him? I should have sought help from the other proctors especially because the timing issues continued. On a few sections without a break before them, we were short a minute per section. For those sections, our proctor said the section began at the same time the other ended.When in fact, he read directions in between, so the new section began about a minute after the other ended. With only 10-25 minutes per section, this minute could have been crucial to students. I made a mistake by not speaking up, but you shouldn't. If this happens to you, you MUST speak up. While this issue may have had the most direct impact on our scores, the others are just as worrisome. 100% Incorrect Instruction Issues On top of the timing issues, there were issues with the instructions.At the beginning of the test when reading the directions, the proctor misspoke and said you could not write in your test booklet. What I think he meant was that you can’t ONLY write your answers in the test booklet, as you need to fill out the scantron to have your test scored. A student was confused and asked if she could write in the booklet. He said no. This is absolutely, 100% false. You're supposed to mark up the reading passages and do your math figuring directly in the test booklet. I spoke up. I said, â€Å"Yes, you can write in the booklet, but you need to put your final answers on the scantron.†The proctor said he wasn’t sure.Finally, another student spoke up and said that she read on the back of her test booklet that you can write in it.The student who originally asked the question looked unsure because the proctor still said he wasn’t sure. This is unacceptable. Imagine how hard it is to do math without writing out work or use process of elimination when you can’t physically cross out answer choices.If this happened at my site, you could imagine how many instruction issues occur throughout the country. People who have studied the test thoroughly know this instruction is wrong. But people who haven't taken the test and aren't prepared would have no idea.This would cripple their score. Another PrepScholar writer took the test at a different testing center in Los Angeles this weekend, and her proctor kept skipping over instructions or telling "jokes" like "the test will last 23 hours."Her proctor really scared some students with that one.Additionally, her proctor missed several 5-minute warnings. So, it's very important to bring your own watch to self-time.Some issues are out of your control: Unbearable, Concentration-Breaking Noise Issues During my test, there were noise issues CAUSED by the proctor as well as outside noise issues.After starting the test, our proctor promptly popped in ear buds and began listening to music. This is wrong on a number of levels.We could hear the music clearly through his headphones, and finally, about 10 minutes into the essay, one student had the courage to ask him to lower the volume.To his credit, our proctor apologized profusely and lowered the volume - but he should not have been listening in the first place. LOUD NOISES! At some point in the middle of the test, our proctor opened the window to our classroom (big mistake).During one section, we heard young children screaming in the hallway for a few minutes (why were they at a high school on a Saturday? who knows!).Our proctor did ask them to stop, but it was still a disturbance, and the window should have been closed. During a later section, there was a very loud ice cream truck playing â€Å"it’s a small world† on loop.I asked the proctor about it, but he just told me it was an ice cream truck and did nothing. It clearly was parked in the school parking lot or something because it continued to play â€Å"it’s a small world† audibly and loudly for about 15-20 minutes. This noise was incredibly distracting. I was trying to power through a CR passage and block it out.Again, the proctor did not close the window. He did not try to get another faculty member to investigate the noise. He just let it continue. I know noise issues are a common problem.Another PrepScholar writer took the test in Northern California this weekend, and her proctor was watching a movieon their iPad, which accidentally switched to full volume during a section.She said her proctor promptly turned it off.However, no proctors should be allowed to use electronic devices during the test.They need to be alert and focused to catch any possible cheating. Creating Opportunities for Cheating Issues During my test, there was a definite possibility of cheating. I am not saying that anyone cheated. I did not specifically see anyone cheating. However, I know it would have been far more possible to happen compared to normal testing centers. At the beginning of the test, when the proctor was listening to his music while at his desk, it would have been easy to whisper to the students around you to discuss the essay. Don't do it! During one break, the proctor stood outside the classroom by the door, leaving all of the students who decided to stay in the room alone at their desks with their test booklet and answer key.It would have been easy to go back and review your work or answer problems you couldn’t get to. Additionally, the proctor only walked up and down the aisles at most 3 times during the entire test.He did not check calculators.We could easily have had unapproved programs with vocabulary words or something else. While I genuinely do not think cheating occurred in my classroom, my proctor definitely opened himself up to possible cheating.My proctor did not seem to care about much other than getting out of the test as quickly as possible, which leads me to my next point. Waiving Important Breaks Issues Another huge issue was that after our 4th section break, our proctor put it to a vote as to whether we would only break between the 7th and 8th section or whether we’d take 2 breaks. No. This test is NOT a democracy. The College Board requires three 5-minutebreaks and doesn’t let the students decide.We voted to take only one break.My proctor was elated as he was â€Å"trying to get to a Dodger’s game.† I didn’t need another break; however, I’m sure if I were a student who wanted the additional break to reset, I would have been too nervous to speak up and conflict the group opinion. Students should not have been placed in that awkward situation. Why Does This Matter? Social Inequality. The College Board Is Failing Its Students. All of these problems created an incredibly unfair testing environment. I definitely think my score may have been impacted. I barely finished the Critical Reading section while "it's a small world" was playing on loop. All of the issues made it very difficult to concentrate. Additionally, the essay, for which we received20% less time than normal, counts for 30% of our Writing score. An incomplete essay or poorly written essay could easily drop your score 100-200 points on the Writing section. If this happened at my testing center, which I randomly chose from the centers available in the Los Angeles reason, irregularity must be incredibly prevalent, and that is unbelievably sad. As I mentioned, two other PrepScholar writers also had unforgivably bad experiences at their test sites.Testing center regulation should be of the utmost importance to the College Board, especiallyas I believe this issue may impact those at the lowest socioeconomic levels more. I took my test at George Washington Preparatory High School in the Westmont neighborhood in South Los Angeles. According to an article from the LA Times, the average household income in Westmont is $31,572. It ranks 242nd out of the 265 ranked neighborhoods by household income in Los Angeles, meaning it'sthe 13th poorest neighborhood in all of Los Angeles, in the bottom 10 percentile. The College Board already knows from their testing data that their SAT tests unfairly disadvantage those from lower socioeconomic backgrounds. However, the College Board does not take into account the unfair testing conditions that may be contributing to these students' lower scores as well. I know that the playing fields are incredibly uneven when it comes to SAT testing centers. My original SAT Testing Center, William T. Dwyer High School in Palm Beach Gardens, Florida, stuck to the rules. The proctors knew the instructionsand were able to answer any of our questions. There were no noise disturbances, and the timing was precise. The proctors circulated throughout the test, ensuring that there was no cheating. I don't know what it takes to become a proctor in South Los Angeles. Clearly, the proctors weren't instructed well, and the College Board doesn't care enough to maintain quality evenly throughout the country. If I were to guess, the College Board takes extra care when it knows students are hyper-vigilant and ready to pounce on a single screwup. In wealthy areas of metropolises like New York City, Boston, Los Angeles, San Francisco, and Chicago, students would complain incessantly. And the College Board can't risk another scandal. So it pays attention to those areas and makes sure they stay quiet. But where students are unprepared, don't know their rights, and aren't as motivated to report problems, the College Board gets away with unforgivable behavior like this. TheSAT can account for a huge part of whether a student can get into her dream college or not. These conditions severely disadvantage the people the College Board is supposed to be trying to help. But not all hope is lost. While the College Board may not be doing anything to level the playing field, you as the test taker can take certain steps to help yourself get the fairest testing conditions possible. What a Test Taker Should Learn From My Experience: Try to go into the SAT as knowledgeable as possible about the test. Know the amount of timing you are allowed per section. Read the instructions at home. You should be able to read them off of any free SAT practice test. If you have any questions about these directions, email or call the College Board in advance of your test date, so you know the answer from the authority. Ask your older friends where they took their SAT. Ask them if there were any issues. Was the timing correct? Was there distracting noise? Bring your own watch to time yourself. If you notice a timing issue, raise your hand and ask/tell your proctor about it. For noise issues, unfortunately, the College Board doesn’t allow you to take the test with ear plugs (a policy I think they should change). You need to ask your proctor to close all windows. Ask your proctor to tell whoever is outside to quiet down or go elsewhere. If your proctor is unable to answer any questions you have about the instructions, ask your proctor to go ask someone else. Demand to speak to someone else or have your proctor call the College Board. If you have other issues with your proctor as far as allowing possible cheating or trying to cut out break or anything else, go find another proctor during your break! Tell the other proctor what is happening. If you feel your issues were not addressed at the testing center, call the College Board; here is their phone number. I did! The College Board takes these matters seriously as they pride themselves on standardization. What the College Board Should Learn From My Experience: With all of these issues, I hope the College Board will consider offering free re-tests to every other student at George Washington Prep High School. I also feel this reveals a bigger issue that the College Board needs to address: proctor training.I think all proctors should undergo a required training session before they act as a proctor for any SAT test. At these training sessions, the proctors should be taught the instructions and rules of the test. They should be taught the exact timing procedure including breaks, and they should be forced to practice it. Also, they should be told that they are never allowed to use electronic devices during the test. Additionally, they should be taughthow to watch for cheating by checking calculators, walking up and down the aisles, etc. Proctors need to know their own dos and don'ts. While I believe my proctor could have done better, I still think the College Board is to blame for the lack of standardized procedures at test centers. Why has the situation gotten so bad? I am not sure. Perhaps the College Board needs to send observers to every school site toensure fair testing conditions are being met? I also think thatall SAT test takersshould receive a test taker’s rights guide from the College Board so that they know what is fair or unfair.These students I took the test with were mainly first time, voucher-using students, who had no idea what to expect. What’s Next? Taking the SAT soon? Learn about the rules and regulations, and know thatif your test center has a problem to speak up. Trying to figure out where to go to college? Let us help you pick out your target school. Studying for the SAT? Read our ultimate SAT study guide. Taking the test really soon? Learn how to cram for the test. Want to improve your SAT score by 160points?We've written a guide about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:

Doing Business in Russia Assignment Example | Topics and Well Written Essays - 2500 words

Doing Business in Russia - Assignment Example Not since the days of Peter the Great has Russia seen such limitless potential for businesses seeking to gain opportunities; however, this is not to say that entering Russian markets is an easy, or that success is a foregone conclusion. Being able to properly discuss doing business in Russia first requires an understanding of the Russian business environment, which is one that is highly unique given the massive political, social, and economic changes the nation has undergone as a result of the shift away from Communism. Especially in the cities of the nation, there has emerged a significant population of consumers who are eager to experience products from other parts of the world. This is made especially relevant due to the fact that the nation has likewise undergone an economic resurgence and a cultural renaissance. All of these factors have made Russia more attractive to potential investors who appear to be impressed by what is taking place within Russia itself. This is not to say, however, that carte blanche business involvement in Russia is a possibility for every company wishing to do so. Rather, there are important concepts for companies to understand before getting involved in Russia (Bergman, et al, nd).: Collectivism- Dating back to the days when Russian peasants gathered together for the purposes of farming and producing goods together, collectivism still exists in Russia to a large extent, creating a sort of group mindset for consumers, posing a particular challenge for businesses entering the Russian business sector. Egalitarianism- What is meant by egalitarianism in this context is yet another concept dating back to the communist days of Russia, when the removal of inequality was endorsed in favor of an equal distribution of all that society had to offer, which usually leads to traditional Russian business negotiations being considered as a group effort, with all sharing in the benefits of the particular business operations. Dusha- This is a somewhat mysterious force within Russian society, referring to the collective spirit and belief sets of the Russian people. However, for anyone doing business in Russia, a fundamental understanding of this concept is extremely critical. It must also be understood that, as a note of caution, there were previous attempts to open up Russian borders to outside business interests, which was essentially thwarted by the inability of the government under Mikhail Gorbachev to remedy issues of business productivity, product availability, personnel and marketing (Owen, 1995) although admittedly, these problems most likely occurred because this Russian business effort was an internal, homegrown effort which did not make a lot of sense given the inherent lack of business acumen of the level that a recently opened economy like that of Russia would demand. A Rising Opportunity: Russia's Oil Market When thinking of the most readily available and productive oil fields in the world, images of the riches and potential of the Middle East typically come to mind; however, what many fail to realize is the past of Russia's oil industry, as well as its fascinatingly lucrative potential for the future. Following suit of other Russian businesses over the years, the Russian oil industry has risen to impressive heights

Health care crisis Essay Example | Topics and Well Written Essays - 750 words

Health care crisis - Essay Example Health insurance is a crucial component in the health care system of Americans for unusual, expensive, and unpredictable events. It poses problems if it is used as a payment method for the everyday health care. Americans have been forced to pay more for health insurance but in return are receiving less. Kaiser Family Foundation (2010) states that, â€Å"American families arent only paying higher deductibles, but higher copayments as well; in 2004, only one in five people with health insurance through an employer had a copayment of more than $25; in 2008, that number was one in three and in 2009, it was nearly one in two.† Many researches and stakeholders argue that the current state of primary health in America care is unfair, corrupt, and devious and thus requires dire need of reformation. Statistics indicate that over 47 million of Americans lack health care insurance because of the high costs involved. For instance, about 2.4 trillion dollars was spent on health care in the year 2008 but it is estimated to rise to 4.3 trillion dollars by 2016. This is said to be four times the National Defense budget. This thus implies that every time the tax rates increase the unemployed people are injured and their medical costs need to be paid. Kaiser Family Foundation (2010) argues that, â€Å"The costs of employer-based health insurance premiums have  risen 114% since 2000; Americans are paying higher deductibles with the average family deductible increasing from $1,034 in 2006 to $1,518 in 2010.† Either the middle income families with individual health care insurance coverage spends about 22% of their household income while middle income families with employer based health insurance coverage spends about 8% of their household income. Thus, many Americans families are going without health care insurance coverage because of the escalating costs, gaps in quality and in access to health care. These rising cost are making innocent

Intercultural Analysis Paper Essay Example | Topics and Well Written Essays - 1000 words

Intercultural Analysis Paper - Essay Example Balinese) and the American culture on grounds of marriage, language, religion and social organization among others. DISCUSSION I have been settled in America from past several years. I have visited various nations of the world and encountered with diverse cultures and ethnics. However, America has been a different experience for me. This experience of mine is largely influenced by the rich cultural heritage, values along with beliefs that hold by the people belonging to this country. In my initial days in the country, I attended a marriage of one of my close friends who belonged to the American culture. There, I had an international experience which aided me to figure out the difference of my culture with that of the American culture. In this regard, it will be vital to mention that I belong to Balinese Hinduism culture. Balinese Hinduism is regarded as a practice which is mainly associated with the people of Bali. People belonging to this culture possess several different set of bel iefs and cultures that differs drastically from that of others. As per my experience relating to cultural pattern, I observed that there lay certain drastic differences between the Balinese culture and the American in terms of marriage, language and religion among others. Marriages of an individual in my culture i.e. the Balinese culture generally take place in a very young age. ... On the other hand, I learnt from the experience that marriages in American culture take place mainly by declaring commitment towards one another in the presence of friends and families along with religious statures like priest. One of the imperative cultural patterns that I have experienced is that marriage in my culture involves more rituals as compared to that of American culture (University of San Diego, â€Å"Factors That Influence Our Views on Marriage†). Furthermore, apart from the marriage traditions, I also learnt from the experience about the drastic language differences that prevail amid the two cultures. People in my cultural group mainly speaks in their native language i.e. Balinese. However, with the aspect of modernization, people in my community also speak in English while conducting their daily activities. My language i.e. Balinese is divided into three levels on the basis of politeness that include low, medium and high Balinese. The low Balinese is usually spo ken to friends, the medium one is used for strangers and higher one is spoken to priests (The Economist, â€Å"Language of Many Levels†). Conversely, in relation to determine the cultural pattern that I have experienced, I found that the American culture has no official or native language of its own. In order to obtain a comprehensive understanding regarding this aspect, I have cited a census survey conducted by the US government in the year 2000. This survey depicts that 82 percent of the people belonging to American culture speak English while conducting their daily activities. However, I was unable to identify any sort of level existing in speaking language which was present in my culture (Saint Ignatius High School, â€Å"Languages Spoken in the United